Coinsecure announces Rs 2 Cr bounty to help them recover lost bitcoins

Indian cryptocurrency exchange Coinsecuresaid it would pay a bounty of Rs 2 crore to anyone who helps them recover the lost bitcoins.

On April 8, the Indian exchange lost 438.318 bitcoins, approximately Rs 20 crore from a digital wallet that was holding users’ funds. Coinsecure promised to use its own funds to reimburse Rs 20 crore to customers who lost their bitcoins.

Some 11,000 customers are said to be affected by the reported theft which is the biggest cryptocurrency theft in India. The company said it will start returning monies to the affected parties within the next 15 days.

“We will announce the refund process in the next 5-10 days. We are working to get the website back up and allow customers to log in and withdraw funds,” said Mohit Kalra, chief of bitcoin exchange Coinsecure in an interaction with ET.

On April 10, the exchange filed a complaint with the Delhi Cyber Crime department about the theft of virtual currencies worth 438.318 bitcoins. The police is currently investigating the case.

The exchange claims an insider job in the theft and suspects its chief security officer, Amitabh Saxena, of playing a role in siphoning off the money. Coinsecure also requested Delhi police to seize Saxena’s passport, fearing that he may leave the country.